BlackRock BTC Options Approved

Jump Crypto’s Frankendancer | Avalanche Declining Active User

Karon Pangestu & Marco Manoppo
September 23, 2024

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Good Morning.

Marco and Karon are in Singapore for Token. Today’s issue is written by the Launchy Team.

The market experienced a volatile period in recent days. Bitcoin initially saw a surge, reaching a high near $60,000, but subsequently faced a pullback. Currently, it's hovering around $58,670. The price action suggests a degree of uncertainty in the market, with bulls and bears vying for control.

In Today's Email:

What Matters: SEC approves IBIT Options 👍️
Product: Jump Crypto’s Frankendancer 💃
Charts: MicroStrategy’s BTC Holdings 📈, Avalanche declining active users 📉

Narratives: $60,000 is rejected again. More wait and see.

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WHAT MATTERS

SEC Approves BlackRock’s Bitcoin ETF Options

Order Granting Approval of Listing and Trading of Options on IBIT

State of play: The SEC has approved BlackRock's proposal to list and trade options for its spot Bitcoin ETF (IBIT) on an accelerated basis. This marks a significant step for the growth of bitcoin ETFs, following the approval of several others earlier this year.

Nasdaq ISE will handle the listing and trading of these options.
Experts Bloomberg's senior ETF analyst Eric Balchunas expects other spot Bitcoin ETF options to receive approval soon.
An SEC official clarified that the term "exchange-traded fund" is often misused, as spot bitcoin ETFs are technically exchange-traded products (ETPs).

What’s next: The approval of additional spot Bitcoin ETF options will likely drive greater liquidity in the market, potentially attracting institutional investors

For builders and investors:

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Jump Crypto’s Frankendancer

Jeff Schroeder

Jump Crypto's Frankendancer, a prototype validator client of Firedancer, has launched on Solana's mainnet, as announced by Kevin Bowers at Solana Breakpoint in Singapore.

This follows the August launch of Agave, another validator client developed by Anza.
Frankendancer's launch aims to provide practical benefits ahead of the full Firedancer release, which is currently running on testnet.
Agave plans to release its v2.0 on Solana Mainnet-Beta with major updates.

Other cool products:

Bitkit, a self-custodial mobile wallet.
Tradible, a trading card & collectibles marketplace.
RPC Info, a blockchain RPC endpoint aggregator for web3.
Daminik, a Digital Asset Manager (DAM) with a built-in CDN.
Project Zero, a blockchain data extraction and streaming platform.

CHARTS OF THE WEEK

MicroStrategy Adds 7,420 BTC, Bringing Total Holdings to 252,220

The Block

State of play: MicroStrategy has acquired an additional 7,420 Bitcoin for $458.2M at an average price of $61,750 per BTC, bringing its total holdings to 252,220 BTC, worth approximately $15.8B.

MicroStrategy completed a $1.01B upsized convertible notes offering.
The company is planning to use the proceeds to redeem $500M in senior secured notes and buy more Bitcoin.
This follows their recent purchase of 18,300 BTC for $1.1B.

Our take:

Avalanche Pursues Institutional Adoption Amid Declining Active Users

The Block

State of play: Avalanche targets institutional adoption and gaming but struggles to maintain user engagement. Active addresses on its C-Chain have dropped to a 12-month low of 31,000.

In January this year, active addresses on its C-Chain reached 100,000.
Despite the downturn, Avalanche's architecture supports specialized use cases such as gaming and DeFi applications.
Avalanche's architecture includes C-Chain for smart contracts, P-Chain for validator staking, and X-Chain for asset exchanges.

Our take:

QUICK BITES

Crypto VCs on a fundraising spree.
US spot bitcoin ETFs see inflows worth $92M.
Coinbase announces plan to bring cbBTC to Solana network.
Silvergate executive says 'sudden regulatory shift' led to bank's shutdown.
VP Harris says she'll encourage crypto business while protecting consumers.
Ethereum transaction fees surge as active accounts fall to year-to-date lows.

NOTEWORTHY READS & MEME

Goku’s read on Ethereum Red Wedding.
Eli5DeFi’s thread on Blockchain-Focused Hardware (BFH).
Delphi Digital’s thread on The L2 Wars" - Where Are We Now?

$ETH
— cevo (@cryptocevo)
5:34 PM • Sep 15, 2024

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.